I don't understand what do I have to do (UAE 2024)

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SasuT

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With the introduction of the new CIT, what mandatory changes have been implemented?

I keep all my invoices (at least I'm trying to).

What are the next steps? As far as I understand, an annual audit is now mandatory. Could you clarify when this audit takes place and how it is conducted? I have to send all the invoices of the year to the accountant and wait for the audit ?

My FZ company was established in June 2023. When would be the appropriate time to engage an accountant for this annual audit?

I understand that it's new and that nothing is really clear, but I'm really late to the party so I prefer asking..

Thank you!
 
Sorry do you even have an accountant or CSP?

If you have asked him/her and they could not answer then find a new one.

@EmiratesSetup Maybe able to help here?

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.
 
If you're not crossing 50M AED revenue you don't need an audit. Just use Zoho accounting suite and you'll be fine.
 
Just get an accountant. It may seem expensive at first but may be cheaper in the end.
 
SasuT said:
SasuT said:
With the introduction of the new CIT, what mandatory changes have been implemented?

I keep all my invoices (at least I'm trying to).

What are the next steps? As far as I understand, an annual audit is now mandatory. Could you clarify when this audit takes place and how it is conducted? I have to send all the invoices of the year to the accountant and wait for the audit ?

My FZ company was established in June 2023. When would be the appropriate time to engage an accountant for this annual audit?

I understand that it's new and that nothing is really clear, but I'm really late to the party so I prefer asking..

Thank you!
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Please do yourself a favor and get an approved and reliable accountant, I learned it the hard way and paid the fine...
 
If my corp was set up 2022 may, does that mean my "tax profit" year start jan 23 -dec 23 and i need to submit these by the next time i renew the license?
 
Here are some info I found from 2021 about fines related to vat.

https://www.ey.com/en_gl/tax-alerts/uae-amends-vat-penalty-rules
Seem late registration is a fixed 10k AED, might have been increased to 11k as our friend offshore13 got 🙁

supreme said:
supreme said:
If my corp was set up 2022 may, does that mean my "tax profit" year start jan 23 -dec 23 and i need to submit these by the next time i renew the license?
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Click to expand...

I would tend to say no, should start from May 2022 to Dec 2022. Unless your fiscal year for your company is not set from Jan to Dec but from June to May for example.

Last edited: Jan 23, 2024
 
Dandyline said:
Dandyline said:
Fine for what?
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10k for late VAT registration and 1k for late quarterly VAT filling. I thought its super relaxed like 10 years ago with a Belize company or the Marshall Islands - Now I am learning every day and still miss some updates, that's why you need professional help from a local agency.
 
Offshore13 said:
Offshore13 said:
Please do yourself a favor and get an approved and reliable accountant, I learned it the hard way and paid the fine...
Click to expand...
Click to expand...
Can you help me find one good too please?? Many but rarely good.. need one that knows what is happening.. thank you

Offshore13 said:
Offshore13 said:
10k for late VAT registration and 1k for late quarterly VAT filling. I thought its super relaxed like 10 years ago with a Belize company or the Marshall Islands - Now I am learning every day and still miss some updates, that's why you need professional help from a local agency.
Click to expand...
Click to expand...
Belize and Marshal need this too????

Last edited: Apr 15, 2024
 
JackieTsan said:
JackieTsan said:
Can you help me find one good too please?? Many but rarely good.. need one that knows what is happening.. thank you


Belize and Marshal need this too????
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As far as I know for Belize and Marshall Islands you need to fill ESR only and keep clean records of your accounts as they can audit if they want to.
 
Offshore13 said:
Offshore13 said:
As far as I know for Belize and Marshall Islands you need to fill ESR only and keep clean records of your accounts as they can audit if they want to.
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Click to expand...
Thank you so much!! Which other region I can get that is white listed in eu, and easy going - no annual tax fillings, no processes, no tax reports, no vat etc? Real company (with director and shareholder, not LLC or passive company with members).
Which other similar would you suggest?? I read that BVI also don't need audit, tax fillings and tax returns, is that correct? That's an option but is gray listed in eu.
Thank you very much!
 
what happens if BVI/Belize/Marshall Islands wants to audit your accounts, and you didn't keep any records?
you just stop answering emails, and over time company goes to strike off (since you won't pay renewal)?
 
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